Member Article

Tanfield Group reports pretax loss of £261k with optimism for potential merger

North East investment firm Tanfield Group reports pretax loss of £261k in the last six months, compared to £60k from this time last year.

The group currently owns 49% of Snorkel, with a carrying value of £36.28 million ($60.1 million), representing a value per share of 25.6p.

The group’s holding in Smith Electric Vehicles is valued at £1.28 million ($2.11 million) equity and £2.78 million ($4.75 million) debt.

Smith Electric Vehicles has successfully acquired American Business Services, Inc (ABSR), and the group now owns 85% of the common stock ABSR.

The group has announced plans to merge Smith Electric Vehicles and ABSR to form the publicly traded company on the OTCBB.

The group has also announced that, following the anticipated merger, it will be applying for listing on the US stock exchange.

The total assets owned by the group are valued at £40.7million, an increase from £32.4million at this point last year.

The group has also witnessed an increase in total equity to £39.1 million from £31.7 million last year.

This was posted in Bdaily's Members' News section by Ellen Forster .